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Strategies & Market Trends : Drillbits & Bottlerockets
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To: Augustus Gloop who wrote (9119)4/25/2001 1:38:03 AM
From: Augustus Gloop  Read Replies (2) of 15481
 
Jorj and I were talking about college by PM. Here is my feeling about school funding:

Circumstances are hard to control. I had money to burn in school which made it east to be free wheeling and have fun. My hope is by saving for my son he can have the same experience I did. PURE FUN and the best memories of his life. We put away 200.00 per month in the (sorry no shill) PIMCO Innovation fund for just this reason. Although the fund is held in my name it is his for school. The reasons for not putting the fund in his name are many.

1) Control.....If he thinks he is going to drop out and but a Harley Fatboy on my dime he is dead wrong - NO DOH FOR HIM!

2) Tax breaks are not there! I'll pay the cap gains to retain control.

3) Grants....If he has too much money backing him he will get no grant money. To beat the system you must keep the child poor and not claim him as an exemption

4) The future - Who knows what life has in store for me. I may become disabled and unable to work. If this were to happen, footing his bill for school would be impossible. Furthermore, it may be bad for the family. Making the decision to drop money in a childs name is like trying to read a crystal ball imo.

Carry On

Gloop
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